First Solar, Inc. (FSLR) Given Outperform Rating at Cowen and Company
First Solar, Inc. (NASDAQ:FSLR)‘s stock had its “outperform” rating reissued by Cowen and Company in a report issued on Tuesday. They presently have a $52.00 price objective on the solar cell manufacturer’s stock, up from their previous price objective of $47.00. Cowen and Company’s price objective suggests a potential upside of 14.39% from the stock’s previous close.
FSLR has been the subject of a number of other reports. Needham & Company LLC reissued a “hold” rating on shares of First Solar in a report on Friday, April 7th. Credit Suisse Group cut their price objective on First Solar from $29.00 to $25.00 and set an “underperform” rating for the company in a report on Friday, April 7th. Axiom Securities raised First Solar from a “hold” rating to a “buy” rating and lifted their price objective for the company from $45.40 to $51.00 in a report on Wednesday, July 19th. Zacks Investment Research cut First Solar from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, Roth Capital set a $29.00 price objective on First Solar and gave the company a “hold” rating in a report on Tuesday, March 28th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $44.12.
First Solar (NASDAQ:FSLR) traded up 1.07% during trading on Tuesday, hitting $45.46. 2,086,285 shares of the stock traded hands. The stock’s market cap is $4.74 billion. First Solar has a one year low of $25.56 and a one year high of $49.50. The company has a 50-day moving average price of $39.62 and a 200 day moving average price of $34.34.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, May 2nd. The solar cell manufacturer reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.38. The company had revenue of $891.79 million during the quarter, compared to analysts’ expectations of $699.15 million. First Solar had a positive return on equity of 6.71% and a negative net margin of 18.14%. Analysts expect that First Solar will post $0.56 earnings per share for the current year.
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In other news, insider Bryan Robert Schumaker sold 2,747 shares of First Solar stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $35.00, for a total transaction of $96,145.00. Following the transaction, the insider now owns 1,235 shares in the company, valued at approximately $43,225. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director J Thomas Presby acquired 4,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average price of $36.89 per share, for a total transaction of $147,560.00. Following the acquisition, the director now directly owns 17,958 shares in the company, valued at $662,470.62. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in First Solar during the fourth quarter valued at $872,000. Comerica Bank boosted its position in First Solar by 0.3% in the fourth quarter. Comerica Bank now owns 17,850 shares of the solar cell manufacturer’s stock valued at $638,000 after buying an additional 61 shares during the period. Norges Bank acquired a new position in First Solar during the fourth quarter valued at $3,470,000. HighPoint Advisor Group LLC acquired a new position in First Solar during the fourth quarter valued at $766,000. Finally, Teachers Advisors LLC boosted its position in First Solar by 0.6% in the fourth quarter. Teachers Advisors LLC now owns 95,458 shares of the solar cell manufacturer’s stock valued at $3,063,000 after buying an additional 601 shares during the period. Institutional investors and hedge funds own 60.35% of the company’s stock.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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